Acronym

Variable Description

Definition

Species of Commercial Expenditure Efficiency Measure Employed

Bepb(1)

Break-even Period

Break-even Period (BEP) is number of years of full recovery

Pror(2)

Rate of Returns

Rate of Returns (ROR) is as the private rate of return on investments on medical education of a physician based on lifecycle gross earnings.

Mirr(4)

Marginal Rate of Returns

Marginal Rate of Returns (MRR4) is the rate of return relating to wage difference (earnings premium) between remuneration of consultant physician above general practice physician (ignoring tax and cost of capital)

Prnd(4)

Profitability Index

Profitability index is the ratio of present value of net cash flow to individual’s total upfront investment

Model Variables in Human Capital Measurement Models

Prnv(1)

Private (Individual’s) Investments in Medical Education

Private or unit upfront investment expenditure is the total educational expenditure which individual participant incurred on medical education incurred to acquire MB.BS degree and license to practice medicine

Pcrg(1)

Public (Institutional) Subvention Expenditure in Medical Education

Physician’s lifecycle career earnings is the total earnings of an average Nigerian physician employed in the public health service for 35 years at retirement of 60 years of age.

Prnv(2)

Individual Participant’s Investments in residency training

Individual’s additional upfront investment expenditure is the additional total educational expenditure which individual participant in medical education incurred in a 6-year residency training in acquiring fellowship certification.

Punv(2)

Public Additional Subvention Expenditure on Residency Training

Public additional upfront investment expenditure is additional total educational expenditure incurred by public entity during the 6-year Residency training of Consultants

Crng(2)

Consultant-Physician’s Gross lifelong Earnings

Consultant-Physician’s lifecycle career earnings is the total earnings in 35 years of service